The Nigerian naira maintained a relatively stable position against the United States dollar across the official Nigerian Foreign Exchange Market (NFEM) and the parallel market as trading opened on Monday, July 27, 2026.
Latest data from the Central Bank of Nigeria (CBN) showed that the official NFEM exchange rate closed at ₦1,362.09/$1 on July 24, the most recent trading session available. The market recorded a highest rate of ₦1,365.00/$1, a lowest rate of ₦1,359.00/$1, and a closing rate of ₦1,361.00/$1.
In the parallel market, commonly referred to as the black market, the US dollar was bought at about ₦1,350 and sold for around ₦1,375 on Monday morning, according to market data from currency dealers.
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The difference between the official and parallel market rates remained relatively narrow, reflecting continued convergence between both markets compared with the wider gaps seen in previous years.
The Central Bank of Nigeria has continued to implement foreign exchange reforms aimed at improving liquidity, boosting investor confidence and supporting greater stability in the naira. Last week, the Monetary Policy Committee also retained the Monetary Policy Rate at 26.5 per cent, citing prevailing global economic uncertainties and the need to sustain macroeconomic stability.
Exchange rates in the parallel market may vary across locations and Bureau De Change operators depending on demand, supply and transaction volumes.
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